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BRICS bank to issue Chinese yuan, Indian rupee bonds in 2017

Xinhua, April 14, 2017 Adjust font size:

The BRICS New Development Bank (NDB) has plans to issue bonds twice this year, one denominated in Chinese yuan and the other in Indian rupee, president of the bank K.V. Kamath said Friday.

The bank sold its first 3 billion yuan (437 million U.S. dollars) yuan-denominated bonds in China last year in July to fund clean energy projects in member states.

Kamath told Xinhua that following last year's issuance, the preparation for second batch of yuan-denominated bonds, possibly in the second half of this year, is expected to be more smooth. The size will be around 3 billion yuan, similar to the last one.

He said the issuance will come after the bank is rated by international rating agencies.

Between 300 million and 500 million U.S. dollars of rupee-denominated masala bonds will be issued after July, Kamath added. Masala bonds are rupee-denominated bonds issued outside India.

Kamath said the NDB plans to lend 2.5-3 billion dollars to fund 15 projects in member states this year, up from 1.5 billion dollars for seven projects in 2016. Most projects last year were connected to clean energy and transportation.

Kamath said the loans will go to more sectors this year. In India for example, the bank will prioritize rural drinking water networks and infrastructure projects.

The BRICS bank was set up with an initial authorized capital of 100 billion dollars after leaders of Brazil, Russia, India, China, and South Africa signed the treaty for its establishment during the sixth BRICS Summit in Fortaleza, Brazil, in 2014. It officially opened in Shanghai in 2015. Endi